What I Loan Agreement

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Just as you took the borrower`s information, you need to include the lender`s information in as much detail. Using a loan agreement protects you as a lender because it legally enforces the borrower`s commitment to repay the loan in the form of regular payments or lump sums. A borrower may also find a loan agreement useful as it defines the loan details for their records and helps track payments. Read on to learn more about the most important aspects of a commercial loan agreement. Credit agreements are usually in written form, but there is no legal reason why a loan agreement cannot be a purely oral agreement (although verbal agreements are more difficult to enforce). In addition, you should include a section that describes all warranty information, if you have one. .

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